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FEB 18, 2024

My Thoughts on $JUP + Technical Analysis

by ChefGunny.sol

Technical Analysis

As you can see on the chart, $JUP followed a clear downtrend until reaching its current all time low (ATL) on the 12th of Feb at $0.43c. If we take the 50% level from its ATH down to the ATL, there is significant support and resistance at about the $0.56 level. This level was tested multiple times within the purple box, and then $JUP failed to hold above it on large volume (blue circle), which led to a large sell off.
Similarly, we saw another extreme move on large volume, this time to the downside, indicating a potential bottom, which is still holding up currently. More recently, we have seen some strength return to JUP’s price action, posting sizeable swings to the upside.
The previous move recorded 12 consecutive bars to the upside, and hit resistance dead on the major 50% level. The conjunction of both the 50%, and 7+ consecutive bar swing proved too great for $JUP, and again retraced.
It appears that a similar move is setting up, with 8 consecutive bars already in this particular swing. To remain a healthy market, I’d like to see HL’s and HH’s, working its way up to and breaking through the major resistance at $0.56. Extreme moves to the upside often lead to large corrections too, which is evident on this chart.
$JUP (4H)
$JUP (4H)

My Thoughts

The fundamentals behind $JUP are extremely strong, and it is arguably the leading project within Solana; everyone seems to use it. The DAO is currently being setup, and I believe that launchpad revenue could be shared with token holders / stakers, which would further drive demand for $JUP.
Should $JUP manage to reclaim its 50% level, and consolidate above it, the token will have plenty of support beneath it and should start to trend higher. Seeing as $JUP is technically a new alt-coin this season, there is nothing but open ground for price-discovery, and I believe it will be a strong token in the upcoming bull market.
For clarity, I still hold 90% of my airdrop allocation, and will continue to do so throughout the year, I have confidence in the team, the vision and the exceptional products that are central to the $SOL ecosystem.
Thank-you for reading! I hope you enjoyed this and found it informative. Do drop a follow on X, Telegram and join my Access Protocol pool to stay in the loop.
As always, stay safe and bullish, ChefGunny.

Links

Access Protocol Hub - Access Pool
Comments
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2AjR..8TzA
2 months ago
Great future
46fN..HJiQ
2 months ago
great
DEq1..Tx8i
2 months ago
Good!
1
ChefGunny.sol
2 months ago
thankyou very much!